Why American Tower (AMT) Stock Is Gaining Today

NEW YORK (TheStreet) -- Shares of American Tower Corp. (AMT) are climbing higher by 3.32% to $95.42 in early afternoon trading on Wednesday, after the company reported an increase in net income for the 2014 second quarter to $230 million, or 58 cents per share, compared to the $99.8 million, or 25 cents per share reported for the same period last year.

The wireless and broadcast communications infrastructure company said its surge in second quarter profit is due to "strong global demand for our tower space."

American Tower's total revenue grew by 27.5% for the 2014 second quarter to $1.03 billion versus $808.8 million for the 2013 second quarter.

Must Read: Warren Buffett's 25 Favorite Stocks


Separately, TheStreet Ratings team rates AMERICAN TOWER CORP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate AMERICAN TOWER CORP (AMT) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, increase in net income, good cash flow from operations and growth in earnings per share. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

AMT ChartAMT data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

Flashback Friday: The Market Movers

Flashback Friday: The Market Movers

OPEC Deal Doesn't Boost Production Enough to Drive Down Crude, Gasoline Prices

OPEC Deal Doesn't Boost Production Enough to Drive Down Crude, Gasoline Prices